Condominiums, or condos, appear almost everywhere and offer an easier way of life for those who wish to own their own homes without becoming slaves to household chores and expenses. They can be found as affordable homes, as well as high-end luxury properties. They can be “bare bones,” and offer little more than housing and good parking, but they can also be amenities-rich properties with pools, gardens, and more.
The variations come from such things as the class, the location, and such things as the price for land purchase, prep work, parking lot pavements, play area installations, and more. That bumps up total average costs for the entire two-unit building to well over $480,000.
There is also the need to add in the costs of architectural work, contractor’s fees, permits, and so on. While some industry experts say that it all averages out to roughly $85 per square foot, that is not accurate, and in reality, it will range from $85 up to more than $215 per square foot.
Condominium building: two-unit, 1,200-1,500 sq.ft. townhouse style Class 1 building.
|Architect and Contractor||10-17% (This is on top of actual construction costs and nudges the total amount to more than 100% of anticipated budget)||$10,000-$42,500|
|Windows and Doors||6%||$6,000-$15,000|
|Interior Finishes and Floors||14%||$14,000-$35,000|
Other considerations and costs
Most professional contractors adjust pricing when hired to tackle lengthy projects like building a condo. However, standard per hour rates may be applied, and that would mean that carpenters, excavators, and masons may still ask their standard $70 per hour rates, while painters will require around $25 to $30 per hour, and electricians and plumbers may demand from $65 to $85 per hour, respectively. A good contractor is essential for controlling all costs and final quality
Building a condo is never a DIY enterprise and involves a long list of experts to ensure that the entire structure is up to code, to the quality desired, and capable of being quickly sold or filled with long-term renters.
- Craftsman Estimator Costbook, complete series year 2019.
- Latest prices found on Home Depot and other vendor Web sites.
- Literature review of DIY Web sites.